Form 6-K
Table of Contents

 

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16 OF

THE SECURITIES EXCHANGE Act of 1934

For the month of June 2014

 

 

ORIX Corporation

(Translation of Registrant’s Name into English)

 

 

World Trade Center Bldg., 2-4-1 Hamamatsu-cho, Minato-Ku,

Tokyo, JAPAN

(Address of Principal Executive Offices)

 

 

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F  x        Form 40-F  ¨

(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

Yes  ¨        No  x

 

 

 


Table of Contents

Table of Documents Filed

 

    Page

English press release entitled, “Partial Amendments to Consolidated Financial Results April  1, 2013 – March 31, 2014”

 


Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  ORIX Corporation
Date: June 26, 2014   By  

/s/ Haruyuki Urata

    Haruyuki Urata
    Director
    Deputy President & CFO
    ORIX Corporation


Table of Contents
LOGO    June 26, 2014

FOR IMMEDIATE RELEASE

Contact Information:

ORIX Corporation

Corporate Planning Department

Tel: +81-3-3435-3121

Fax: +81-3-3435-3154

URL: http://www.orix.co.jp/grp/en/

Partial Amendments to Consolidated Financial Results April 1, 2013 – March 31, 2014

ORIX Corporation amends a part of the consolidated financial results April 1, 2013 – March 31, 2014, which it announced on May 8, 2014. As there are amendments to numerical data as well, ORIX Corporation will also submit the amended numerical data. The figures underlined are amended.

 

-more-


Table of Contents

1. Performance Highlights as of and for the Year Ended March 31, 2014

(3) Performance Highlights – Cash Flows (Unaudited)

Before correction

 

     Cash Flows
from Operating Activities
     Cash Flows
from Investing Activities
    Cash Flows
from Financing Activities
    Cash and Cash Equivalents
at End of Year
 

March 31, 2014

     469,644         (201,229     (274,167     827,299   

March 31, 2013

     391,304         105,657        (467,193     826,296   

After correction

 

     Cash Flows
from Operating Activities
     Cash Flows
from Investing Activities
    Cash Flows
from Financing Activities
    Cash and Cash Equivalents
at End of Year
 

March 31, 2014

     470,993         (202,166 )      (274,579 )      827,299   

March 31, 2013

     391,304         105,657        (467,193     826,296   

1. Summary of Consolidated Financial Results

(2) Analysis of Consolidated Financial Condition

Before correction

Summary of Cash Flows

Cash and cash equivalents increased by ¥1,003 million to ¥827,299 million compared to March 31, 2013.

Cash flows provided by operating activities were ¥469,644 million during the fiscal year, up from ¥391,304 million during the previous fiscal year resulting from an increase in net income compared to the previous fiscal year, an increase in trade notes and accounts payable compared to the previous fiscal year, a decrease in trading securities compared to the previous fiscal year, and a smaller decrease in restricted cash and inventories, in addition to adjustments made for the non-cash revenue and expense items such as depreciation and amortization and write-downs of securities, and gains on sales of subsidiaries and affiliates and liquidation losses, net compared to the previous fiscal year.

Cash flows used in investing activities were ¥201,229 million during the fiscal year, having provided ¥105,657 million during the previous fiscal year. This change was due to increases in acquisitions of subsidiaries, net of cash acquired, installment loans made to customers, purchases of available-for-sale securities and purchases of lease equipment, partially offset by increases in principal collected on installment loans and proceeds from sales of operating lease assets.

Cash flows used in financing activities were ¥274,167 million during the fiscal year, while having used ¥467,193 million during the previous fiscal year. This change was due to a decrease in repayment of debt with maturities longer than three months and an increase in deposits due to customers, partially offset by decrease in proceeds from debt with maturities longer than three months.

After correction

Summary of Cash Flows

Cash and cash equivalents increased by ¥1,003 million to ¥827,299 million compared to March 31, 2013.

Cash flows provided by operating activities were ¥470,993 million during the fiscal year, up from ¥391,304 million during the previous fiscal year resulting from an increase in net income compared to the previous fiscal year, an increase in trade notes and accounts payable compared to the previous fiscal year, a decrease in trading securities compared to the previous fiscal year, and a smaller decrease in restricted cash and inventories, in addition to adjustments made for the non-cash revenue and expense items such as depreciation and amortization and write-downs of securities, and gains on sales of subsidiaries and affiliates and liquidation losses, net compared to the previous fiscal year.

Cash flows used in investing activities were ¥202,166 million during the fiscal year, having provided ¥105,657 million during the previous fiscal year. This change was due to increases in acquisitions of subsidiaries, net of cash acquired, installment loans made to customers, purchases of available-for-sale securities and purchases of lease equipment, partially offset by increases in principal collected on installment loans and proceeds from sales of operating lease assets.

Cash flows used in financing activities were ¥274,579 million during the fiscal year, while having used ¥467,193 million during the previous fiscal year. This change was due to a decrease in repayment of debt with maturities longer than three months and an increase in deposits due to customers, partially offset by decrease in proceeds from debt with maturities longer than three months.

 

-more-


Table of Contents

(4) Condensed Consolidated Statements of Changes in Equity

(For the Years Ended March 31, 2013 and 2014)

(Unaudited)

Before correction

 

    (millions of yen)  
    ORIX Corporation Shareholders’ Equity                    
    Common
Stock
    Additional
Paid-in
Capital
    Retained
Earnings
    Accumulated
Other
Comprehensive
Income (Loss)
    Treasury
Stock
    Total ORIX
Corporation
Shareholders’
Equity
    Noncontrolling
Interests
    Total
Equity
 

Balance at March 31, 2013

    194,039        229,600        1,305,044        (36,263     (48,824     1,643,596        43,977        1,687,573   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Contribution to subsidiaries

              —          89,396        89,396   

Transaction with noncontrolling interests

      239              239        2,058        2,297   

Comprehensive income, net of tax:

               

Net income

        186,794            186,794        3,089        189,883   

Other comprehensive income

               

Net change of unrealized gains on investment in securities

          9,677          9,677        926        10,603   

Net change of defined benefit pension plans

          3,359          3,359        213        3,572   

Net change of foreign currency translation adjustments

          21,772          21,772        10,998        32,770   

Net change of unrealized gains on derivative instruments

          1,457          1,457        30        1,487   
           

 

 

   

 

 

   

 

 

 

Total other comprehensive income

              36,265        12,167        48,432   
           

 

 

   

 

 

   

 

 

 

Total comprehensive income

              223,059        15,256        238,315   
           

 

 

   

 

 

   

 

 

 

Cash dividends

        (15,878         (15,878     (2,099     (17,977

Conversion of convertible bond

    25,066        24,953              50,019        —          50,019   

Exercise of stock options

    441        347              788        —          788   

Acquisition of treasury stock

            (19     (19     —          (19

Acquisition of Robeco

        (5,471       24,880        19,409        27,850        47,259   

Other, net

      310        (2,887       104        (2,473     —          (2,473
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at March 31, 2014

    219,546        255,449        1,467,602        2        (23,859     1,918,740        176,438        2,095,178   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

After correction

 

    (millions of yen)  
    ORIX Corporation Shareholders’ Equity                    
    Common
Stock
    Additional
Paid-in
Capital
    Retained
Earnings
    Accumulated
Other
Comprehensive
Income (Loss)
    Treasury
Stock
    Total ORIX
Corporation
Shareholders’
Equity
    Noncontrolling
Interests
    Total
Equity
 

Balance at March 31, 2013

    194,039        229,600        1,305,044        (36,263     (48,824     1,643,596        43,977        1,687,573   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Contribution to subsidiaries

              —          89,396        89,396   

Transaction with noncontrolling interests

      239              239        2,058        2,297   

Comprehensive income, net of tax:

               

Net income

        186,794            186,794        3,089        189,883   

Other comprehensive income

               

Net change of unrealized gains on investment in securities

          9,677          9,677        926        10,603   

Net change of defined benefit pension plans

          3,359          3,359        213        3,572   

Net change of foreign currency translation adjustments

          21,772          21,772        10,998        32,770   

Net change of unrealized gains on derivative instruments

          1,457          1,457        30        1,487   
           

 

 

   

 

 

   

 

 

 

Total other comprehensive income

              36,265        12,167        48,432   
           

 

 

   

 

 

   

 

 

 

Total comprehensive income

              223,059        15,256        238,315   
           

 

 

   

 

 

   

 

 

 

Cash dividends

        (15,878         (15,878     (2,099     (17,977

Conversion of convertible bond

    25,066        24,878              49,944        —          49,944   

Exercise of stock options

    441        422              863        —          863   

Acquisition of treasury stock

            (19     (19     —          (19

Acquisition of Robeco

        (5,471       24,880        19,409        27,850        47,259   

Other, net

      310        (2,887       104        (2,473     —          (2,473
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at March 31, 2014

    219,546        255,449        1,467,602        2        (23,859     1,918,740        176,438        2,095,178   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

-more-


Table of Contents

(5) Condensed Consolidated Statements of Cash Flows

(For the Years Ended March 31, 2013 and 2014)

(Unaudited)

Before correction

(millions of yen)

     Year ended
March 31,
2013
    Year ended
March 31,
2014
 

Cash Flows from Operating Activities:

    

Net income

     119,058        193,991   

Adjustments to reconcile net income to net cash provided by operating activities:

    

Depreciation and amortization

     177,280        206,640   

Provision for doubtful receivables and probable loan losses

     10,016        13,834   

Increase in policy liabilities

     20,990        28,429   

Equity in net income of affiliates (excluding interest on loans)

     (12,874     (17,619

Gains on sales of subsidiaries and affiliates and liquidation losses, net

     (7,883     (64,923

Gains on sales of available-for-sale securities

     (17,252     (14,149

Gains on sales of real estate under operating leases

     (5,816     (5,872

Gains on sales of operating lease assets other than real estate

     (14,032     (17,820

Write-downs of long-lived assets

     17,896        23,421   

Write-downs of securities

     22,838        7,989   

Decrease in restricted cash

     33,852        22,506   

Decrease (Increase) in trading securities

     (16,264     21,300   

Decrease in inventories

     37,918        11,707   

Decrease (Increase) in other receivables

     20,782        (6,771

Increase (Decrease) in trade notes, accounts payable and other liabilities

     (8,715     47,102   

Decrease in accrued expenses

     (2,207     (9,073

Other, net

     15,717        28,952   
  

 

 

   

 

 

 

Net cash provided by operating activities

     391,304        469,644   
  

 

 

   

 

 

 

Cash Flows from Investing Activities:

    

Purchases of lease equipment

     (736,373     (859,169

Principal payments received under direct financing leases

     381,080        459,003   

Installment loans made to customers

     (918,777     (1,035,564

Principal collected on installment loans

     1,193,884        1,264,649   

Proceeds from sales of operating lease assets

     173,890        251,567   

Investment in affiliates, net

     (19,206     (46,942

Proceeds from sales of investment in affiliates

     3,280        15,426   

Purchases of available-for-sale securities

     (684,870     (897,246

Proceeds from sales of available-for-sale securities

     417,534        318,697   

Proceeds from redemption of available-for-sale securities

     373,729        473,126   

Purchases of held-to-maturity securities

     (46,567     (8,519

Purchases of other securities

     (26,855     (24,761

Proceeds from sales of other securities

     40,568        26,501   

Purchases of other operating assets

     (15,152     (52,550

Acquisitions of subsidiaries, net of cash acquired

     (43,223     (93,458

Sales of subsidiaries, net of cash disposed

     (171     —     

Other, net

     12,886        8,011   
  

 

 

   

 

 

 

Net cash provided by (used in) investing activities

     105,657        (201,229
  

 

 

   

 

 

 

Cash Flows from Financing Activities:

    

Net decrease in debt with maturities of three months or less

     (20,507     (105,784

Proceeds from debt with maturities longer than three months

     1,365,827        1,210,209   

Repayment of debt with maturities longer than three months

     (1,790,616     (1,497,614

Net increase in deposits due to customers

     6,623        127,610   

Cash dividends paid to ORIX Corporation shareholders

     (9,676     (15,878

Contribution from noncontrolling interests

     1,133        11,501   

Cash dividends paid to redeemable noncontrolling interests

     (5,763     (1,224

Net decrease in call money

     —          (5,000

Other, net

     (14,214     2,013   
  

 

 

   

 

 

 

Net cash used in financing activities

     (467,193     (274,167
  

 

 

   

 

 

 

Effect of Exchange Rate Changes on Cash and Cash Equivalents

     9,636        6,755   
  

 

 

   

 

 

 

Net increase in Cash and Cash Equivalents

     39,404        1,003   

Cash and Cash Equivalents at Beginning of Year

     786,892        826,296   
  

 

 

   

 

 

 

Cash and Cash Equivalents at End of Year

     826,296        827,299   
  

 

 

   

 

 

 

 

-more-


Table of Contents

After correction

(millions of yen)

     Year ended
March 31,
2013
    Year ended
March 31,
2014
 

Cash Flows from Operating Activities:

    

Net income

     119,058        193,991   

Adjustments to reconcile net income to net cash provided by operating activities:

    

Depreciation and amortization

     177,280        206,640   

Provision for doubtful receivables and probable loan losses

     10,016        13,834   

Increase in policy liabilities

     20,990        28,429   

Equity in net income of affiliates (excluding interest on loans)

     (12,874     (17,619

Gains on sales of subsidiaries and affiliates and liquidation losses, net

     (7,883     (64,923

Gains on sales of available-for-sale securities

     (17,252     (14,149

Gains on sales of real estate under operating leases

     (5,816     (5,872

Gains on sales of operating lease assets other than real estate

     (14,032     (17,820

Write-downs of long-lived assets

     17,896        23,421   

Write-downs of securities

     22,838        7,989   

Decrease in restricted cash

     33,852        22,506   

Decrease (Increase) in trading securities

     (16,264     21,300   

Decrease in inventories

     37,918        11,707   

Decrease (Increase) in other receivables

     20,782        (6,719 ) 

Increase (Decrease) in trade notes, accounts payable and other liabilities

     (8,715     47,090   

Decrease in accrued expenses

     (2,207     (9,076 ) 

Other, net

     15,717        30,264   
  

 

 

   

 

 

 

Net cash provided by operating activities

     391,304        470,993   
  

 

 

   

 

 

 

Cash Flows from Investing Activities:

    

Purchases of lease equipment

     (736,373     (859,169

Principal payments received under direct financing leases

     381,080        459,003   

Installment loans made to customers

     (918,777     (1,035,564

Principal collected on installment loans

     1,193,884        1,264,649   

Proceeds from sales of operating lease assets

     173,890        251,567   

Investment in affiliates, net

     (19,206     (46,942

Proceeds from sales of investment in affiliates

     3,280        15,426   

Purchases of available-for-sale securities

     (684,870     (897,246

Proceeds from sales of available-for-sale securities

     417,534        318,697   

Proceeds from redemption of available-for-sale securities

     373,729        473,126   

Purchases of held-to-maturity securities

     (46,567     (8,519

Purchases of other securities

     (26,855     (24,761

Proceeds from sales of other securities

     40,568        26,501   

Purchases of other operating assets

     (15,152     (52,550

Acquisitions of subsidiaries, net of cash acquired

     (43,223     (94,395 ) 

Sales of subsidiaries, net of cash disposed

     (171     —     

Other, net

     12,886        8,011   
  

 

 

   

 

 

 

Net cash provided by (used in) investing activities

     105,657        (202,166 ) 
  

 

 

   

 

 

 

Cash Flows from Financing Activities:

    

Net decrease in debt with maturities of three months or less

     (20,507     (105,784

Proceeds from debt with maturities longer than three months

     1,365,827        1,210,209   

Repayment of debt with maturities longer than three months

     (1,790,616     (1,497,689 ) 

Net increase in deposits due to customers

     6,623        127,610   

Cash dividends paid to ORIX Corporation shareholders

     (9,676     (15,878

Contribution from noncontrolling interests

     1,133        11,089   

Cash dividends paid to redeemable noncontrolling interests

     (5,763     (1,224

Net decrease in call money

     —          (5,000

Other, net

     (14,214     2,088   
  

 

 

   

 

 

 

Net cash used in financing activities

     (467,193     (274,579 ) 
  

 

 

   

 

 

 

Effect of Exchange Rate Changes on Cash and Cash Equivalents

     9,636        6,755   
  

 

 

   

 

 

 

Net increase in Cash and Cash Equivalents

     39,404        1,003   

Cash and Cash Equivalents at Beginning of Year

     786,892        826,296   
  

 

 

   

 

 

 

Cash and Cash Equivalents at End of Year

     826,296        827,299   
  

 

 

   

 

 

 

 

-more-


Table of Contents

About ORIX

ORIX Corporation (TSE: 8591; NYSE: IX) is a financial services group which provides innovative products and services to its customers by constantly pursuing new businesses. Established in 1964, from its start in the leasing business, ORIX has advanced into neighboring fields and at present has expanded into lending, investment, life insurance, banking, asset management, automobile related, real estate and environment and energy related businesses. Since entering Hong Kong in 1971, ORIX has spread its businesses globally by establishing locations in 35 countries and regions across the world. ORIX celebrates its 50th anniversary in 2014 and moving forward it aims to contribute to society while continuing to capture new business opportunities and sustain growth by promoting acceleration of its corporate strategy “Finance + Services.” For more details, please visit our website: http://www.orix.co.jp/grp/en/

These documents may contain forward-looking statements about expected future events and financial results that involve risks and uncertainties. Such statements are based on our current expectations and are subject to uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. Factors that could cause such a difference include, but are not limited to, those described under “Risk Factors” in the Company’s annual report on Form 20-F filed with the United States Securities and Exchange Commission and under “4. Risk Factors” of the “Summary of Consolidated Financial Results” of the “Consolidated Financial Results April 1, 2013 – March 31, 2014.”

 

-end-